Morning Commentary: JPMorgan preferreds mixed; MetLife off; Maiden Holdings improves

By James McCandless

San Antonio, Feb. 13 – The preferred space opened Wednesday largely higher again with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.19%.

Leading early trading, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock and its 6% series EE non-cumulative preferred stock were mixed.

The series DD preferreds (NYSE: JPMPrD) were down 10 cents to $25.16 on volume of about 368,000 shares.

The series EE preferreds (NYSE: JPMPrC) were up 2 cents to $25.85 on volume of about 125,000 shares.

Elsewhere in finance, Morgan Stanley’s series A floating-rate non-cumulative preferreds were slightly better at the start of activity.

The preferreds (NYSE: MSPrA) edged up 1 cent to $19.48 with about 57,000 shares trading.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock also began the day positive.

The preferreds (NYSE: GSPrD) picked up 5 cents to $18.87 on volume of about 28,000 shares.

Meanwhile, in the insurance space, MetLife, Inc.’s 5.625% series E non-cumulative preferred stock started the session slightly lower.

The preferreds (NYSE: METPrE) were down 1 cent to $25.00 with about 94,000 shares trading.

Maiden Holdings Ltd., another insurance name, saw its 7.75% notes due 2043 start off the session improving.

The notes (NYSE: MHNC) were up 10 cents to $18.73 on volume of about 40,000 notes.

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